Security Market Feeling Effects from U.S. Economy?

According to Security Systems News, IMS Research, a UK-based supplier of market research and consultancy services on a broad range of global electronics markets, is changing its earlier predictions regarding the expansion of the network video surveillance market in the United States, due to the country’s struggling economy.

IMS calculated that the market increased by 45 percent last year, but first quarter data from 2008 indicate market growth has slowed down. The research firm predicts the security market will continue to expand at a rate higher than 30 percent, and could potentially reach a growth rate of 40 percent if the U.S. economy picks up.

“And we keep our ear to the ground at the trade shows, and we’ve started to pick up a few comments to that effect, too—some projects being cancelled—and you can see it in the quarterly results,” said Simon Harris, senior research director at IMS Research.